Mailbag

Mailbag

Letters to Barron's about the economy as a machine, the defeat of House Majority Leader Eric Cantor, the role of state taxes in pushing people out of high-tax states and alternative investments for the Social Security Trust Fund.

June 28, 2014 12:42 a.m. ET

Misleading Metaphor

To the Editor:

Felix Zulauf makes many insightful contributions to your Midyear Roundtable ("Picking Up the Pieces," June 16), but he made a fundamental and unfortunately common conceptual mistake.

"The transmission mechanism that moves liquidity into the real economy is broken," he said. The big...